MEPCO’s net profit plunges 81% in Q1

10/05/2017 Argaam Exclusive

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Share Price

Middle East Paper Co. (MEPCO)

Middle East Paper Company (MEPCO), a manufacturer of cardboard and industrial paper, reported a net profit of SAR 3.3 million for Q1 2017, a tumble of 80.6 percent year-on-year (YoY) on lower sales value and average selling prices, along with higher financing costs.

When compared to Q4 2016, MEPCO swung to net profit from a net loss of SAR 12.6 million, due to higher sales volumes and values, as well as a decline in general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2016	Q1 2017	Change‬
Revenues	176.54	166.50	(5.7 %)
Gross Income	48.80	31.67	(35.1 %)
Operating Income	24.52	11.07	(54.9 %)
Net Income	16.78	3.25	(80.6 %)
Average Shares	66.67	66.67	-
EPS (Riyals)	0.25	0.05	(80.6 %)

Item	Q4 2016	Q1 2017	Change‬
Revenues	144.91	166.50	14.9 %
Gross Income	25.36	31.67	24.9 %
Operating Income	(1.29)	11.07	958.0 %
Net Income	(12.46)	3.25	126.1 %
Average Shares	66.67	66.67	-
EPS (Riyals)	(0.19)	0.05	126.1 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	-	-	-	-	-	-	-
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	471.06	-	149.00	-	80.64	-	1.21
Q1 2011	-	-	-	-	-	-	-
Q2 2011	-	-	-	-	-	-	-
Q3 2011	-	-	-	-	-	-	-
Q4 2011	-	-	-	-	-	-	-
2011	650.84	38.2 %	174.94	17.4 %	85.75	6.3 %	1.29
Q1 2012	-	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-	-
2012	653.58	0.4 %	144.11	(17.6 %)	37.83	(55.9 %)	0.57
Q1 2013	175.85	-	41.28	-	11.26	-	0.17
Q2 2013	195.47	-	50.61	-	22.76	-	0.34
Q3 2013	200.50	-	61.21	-	31.50	-	0.47
Q4 2013	188.35	-	50.81	-	22.56	-	0.34
2013	760.17	16.3 %	203.91	41.5 %	88.08	132.8 %	1.32
Q1 2014	200.96	14.3 %	52.97	28.3 %	22.83	102.7 %	0.34
Q2 2014	203.05	3.9 %	59.04	16.7 %	29.26	28.6 %	0.44
Q3 2014	219.60	9.5 %	68.98	12.7 %	36.35	15.4 %	0.55
Q4 2014	202.50	7.5 %	53.41	5.1 %	22.91	1.5 %	0.34
2014	826.43	8.7 %	234.71	15.1 %	111.34	26.4 %	1.67
Q1 2015	184.71	(8.1 %)	47.14	(11.0 %)	23.20	1.6 %	0.35
Q2 2015	184.14	(9.3 %)	48.17	(18.4 %)	19.57	(33.1 %)	0.29
Q3 2015	172.83	(21.3 %)	41.85	(39.3 %)	9.58	(73.6 %)	0.14
Q4 2015	139.50	(31.1 %)	35.70	(33.2 %)	2.77	(87.9 %)	0.04
2015	681.17	(17.6 %)	172.86	(26.4 %)	55.12	(50.5 %)	0.83
Q1 2016	176.54	(4.4 %)	48.80	3.5 %	16.78	(27.7 %)	0.25
Q2 2016	164.82	(10.5 %)	28.37	(41.1 %)	88.31	351.3 %	1.32
Q3 2016	148.13	(14.3 %)	28.76	(31.3 %)	2.28	(76.2 %)	0.03
Q4 2016	144.91	3.9 %	25.36	(29.0 %)	(12.46)	(550.0 %)	(0.19)
2016	634.41	(6.9 %)	131.28	(24.1 %)	94.91	72.2 %	1.42
Q1 2017	166.50	(5.7 %)	31.67	(35.1 %)	3.25	(80.6 %)	0.05

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	-	-	-	-	-	-	-
2008	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
2010	471.06	-	149.00	-	80.64	-	1.21
2011	650.84	38.2 %	174.94	17.4 %	85.75	6.3 %	1.29
2012	653.58	0.4 %	144.11	(17.6 %)	37.83	(55.9 %)	0.57
2013	760.17	16.3 %	203.91	41.5 %	88.08	132.8 %	1.32
2014	826.43	8.7 %	234.71	15.1 %	111.34	26.4 %	1.67
2015	681.17	(17.6 %)	172.86	(26.4 %)	55.12	(50.5 %)	0.83
2016	634.41	(6.9 %)	131.28	(24.1 %)	94.91	72.2 %	1.42

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	31.63 %	28.89 %	17.12 %
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
2011	26.88 %	25.75 %	13.12 %
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	22.05 %	20.10 %	5.79 %
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	26.82 %	26.56 %	11.59 %
2013	26.82 %	26.56 %	11.59 %
Q1 2014	27.46 %	27.05 %	12.69 %
Q2 2014	28.26 %	28.06 %	13.39 %
Q3 2014	28.55 %	28.01 %	13.67 %
Q4 2014	28.37 %	27.86 %	13.48 %
2014	28.40 %	27.82 %	13.47 %
Q1 2015	28.22 %	28.65 %	13.79 %
Q2 2015	27.52 %	28.28 %	12.90 %
Q3 2015	25.61 %	26.90 %	10.11 %
Q4 2015	25.38 %	26.78 %	8.09 %
2015	25.38 %	26.78 %	8.09 %
Q1 2016	25.93 %	25.91 %	7.23 %
Q2 2016	23.67 %	22.33 %	3.90 %
Q3 2016	22.52 %	20.72 %	2.89 %
Q4 2016	20.69 %	17.73 %	0.46 %
2016	20.69 %	17.73 %	0.46 %
Q1 2017	18.28 %	16.26 %	(1.69 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	31.63 %	28.89 %	17.12 %
2011	26.88 %	25.75 %	13.12 %
2012	22.05 %	20.10 %	5.79 %
2013	26.82 %	26.56 %	11.59 %
2014	28.40 %	27.82 %	13.47 %
2015	25.38 %	26.78 %	8.09 %
2016	20.69 %	17.73 %	0.46 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	23.47 %	22.52 %	6.40 %
Q2 2013	25.89 %	24.97 %	11.64 %
Q3 2013	30.53 %	30.42 %	15.71 %
Q4 2013	26.98 %	27.88 %	11.98 %
Q1 2014	26.36 %	24.92 %	11.36 %
Q2 2014	29.08 %	28.99 %	14.41 %
Q3 2014	31.41 %	30.06 %	16.55 %
Q4 2014	26.38 %	27.25 %	11.31 %
Q1 2015	25.52 %	28.12 %	12.56 %
Q2 2015	26.16 %	27.47 %	10.63 %
Q3 2015	24.21 %	24.58 %	5.54 %
Q4 2015	25.59 %	26.81 %	1.99 %
Q1 2016	27.64 %	24.86 %	9.50 %
Q2 2016	17.21 %	13.48 %	(2.21 %)
Q3 2016	19.41 %	18.12 %	1.54 %
Q4 2016	17.50 %	13.50 %	(8.60 %)
Q1 2017	19.02 %	19.77 %	1.95 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	66.67	-	-	5.15
Q1 2011	-	-	-	-
Q2 2011	-	-	-	-
Q3 2011	-	-	-	-
Q4 2011	66.67	-	-	6.47
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	66.67	-	-	7.04
Q1 2013	66.67	-	-	7.21
Q2 2013	66.67	-	-	7.55
Q3 2013	66.67	-	-	8.02
Q4 2013	66.67	1.32	1.32	7.99
Q1 2014	66.67	1.49	1.49	8.33
Q2 2014	66.67	1.59	1.59	8.15
Q3 2014	66.67	1.66	1.66	8.70
Q4 2014	66.67	1.67	1.67	9.04
Q1 2015	66.67	1.68	1.68	9.39
Q2 2015	66.67	1.53	1.53	9.68
Q3 2015	66.67	1.13	1.13	9.83
Q4 2015	66.67	0.83	0.83	9.87
Q1 2016	66.67	0.73	0.73	9.62
Q2 2016	66.67	1.76	0.38	10.57
Q3 2016	66.67	1.65	0.27	10.59
Q4 2016	66.67	1.42	0.04	10.40
Q1 2017	66.67	1.22	(0.16)	10.45

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	-	-	-	-
2008	-	-	-	-
2009	-	-	-	-
2010	66.67	1.21	1.21	5.15
2011	66.67	1.29	1.28	6.47
2012	66.67	0.57	0.57	7.04
2013	66.67	1.32	1.32	7.99
2014	66.67	1.67	1.67	9.04
2015	66.67	0.83	0.83	9.87
2016	66.67	1.42	0.04	10.40

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	-	-	-
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	26.14	26.14	4.13
Q3 2015	25.29	25.29	2.90
Q4 2015	30.07	30.07	2.52
Q1 2016	24.74	24.74	1.88
Q2 2016	10.23	47.15	1.71
Q3 2016	8.19	49.60	1.28
Q4 2016	11.33	More than 50	1.55
Q1 2017	13.51	NEG	1.58

Period	P/E	Adjusted P/E	Price/book
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	-	-	-
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	30.07	30.07	2.52
2016	11.33	More than 50	1.55

Business Segments (Million)

Compared With The

Period	The industrial sector	The commercial sector	Disposals
Q1 2013	158.35	71.46	(53.97)
Q2 2013	178.71	81.47	(64.72)
Q3 2013	185.64	77.94	(63.08)
Q4 2013	178.20	71.61	(61.46)
Q1 2014	189.39	64.27	(52.69)
Q2 2014	186.73	82.23	(65.90)
Q3 2014	204.13	83.05	(67.58)
Q4 2014	190.08	90.98	(78.55)
Q1 2015	149.78	73.94	(39.01)
Q2 2015	170.79	72.52	(59.17)
Q3 2015	171.60	59.18	(57.94)
Q4 2015	142.39	54.31	(57.21)
Q1 2016	167.90	61.40	(52.77)
Q2 2016	147.30	58.38	(40.87)
Q3 2016	137.14	62.02	(51.03)
Q4 2016	139.15	59.06	(53.30)
Q1 2017	150.79	75.52	(59.81)

Period	The industrial sector	The commercial sector	Disposals
2010	436.11	187.36	(152.41)
2011	594.94	275.56	(219.67)
2012	605.97	258.03	(210.42)
2013	700.91	302.48	(243.22)
2014	770.32	320.84	(264.73)
2015	634.56	259.95	(213.34)
2016	591.50	240.87	(197.96)

Financial Ratios

	Current
Market Cap (M Riyal)	3,380.13
Enterprise Value (EV) (M)	3,892.16
Shares Outstanding ((M))	86.67
EPS ( Riyal) (TTM)	(1.06)
Book Value (BV) ( Riyal)	19.22
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	2.03
Return on Average Assets (%) (TTM)	(4.72 )
Return on Average Equity (%) (TTM)	(6.48 )

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MEPCO’s net profit plunges 81% in Q1

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Share Price

Middle East Paper Co. (MEPCO)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2017 Q1

Financial Ratios

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MEPCO’s net profit plunges 81% in Q1

View other reports

Share Price

Middle East Paper Co. (MEPCO)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2017

Revenue by Business Segment (Latest) 2017 Q1

Financial Ratios

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Business Segments (Million)